Mr. John Collison:

The Deputy used the word "informed" and certainly there would have been reference to that. I would bring him back to the June 2013 papers that went to the board specifically about the discount rates. That paper clearly states that there would be instances where the effective interest rate, the 5.5%, would not be an appropriate discount rate to use and that there were other risks that might be associated with different parts of the portfolio, for example, that we would not ordinarily see and that we would have to factor in these quantitative and qualitative factors into our decision-making. The other area, to which I would point the Deputy, is our fair value adjustments in our 2012 and 2013 calculations and our 2012 and 2013 financial statements. That use of 10% was already in practice. We would have had discussions with our loan sales adviser on a number of transactions before Project Eagle and after it, and some of those discount rates increased quite substantially beyond 10% up to nearer 15% and up to 18% in some cases. The use of 10% was not used for the first time, for example, for Project Eagle.